According to BlockBeats, on February 26th, Uniswap founder Hayden Adams posted that the US Securities and Exchange Commission (SEC), under the previous administration, had attempted to accuse Uniswap Labs of operating unregistered brokers, exchanges, and clearing houses and issuing unregistered securities. And now, these accusations have been withdrawn.
Uniswap Labs is not a broker. The Uniswap protocol is not an unregistered exchange or clearing institution, nor is it operated by Labs. UNI is not a security. The SEC launched an investigation into us without a clear legal basis, as a selective enforcement strategy, attempting to force DeFi into an inapplicable regulatory framework while refusing to provide clear rules or compliance pathways.
This investigation lasted for over 3 years, forcing us to waste a lot of time and millions of dollars. It also brings personal impacts - federal investigations are extremely invasive and stressful, and there is even a saying in the legal profession: 'Investigation itself is punishment.' This should not be the price of American innovation. This result once again proves our long-standing view that decentralized technology and self managed funds are fundamentally different from the centralized intermediary systems they attempt to replace.
I am pleased to see that the new leadership of the SEC has adopted a more constructive attitude and look forward to working with Congress and regulatory agencies to jointly develop rules that truly apply to DeFi - encouraging innovation, enhancing transparency and financial market access, allowing this technology to flourish in the United States rather than being forced to flow overseas. The best era of DeFi is coming soon
